---
title: City Different Investments Blog | Rob MacDonald
description: "Professional Roles: Thornburg Investment Management, Putnam Investments Education: MBA, The University of Chicago Booth School of Business Education: BA, Economics, Computer Science, Amherst College Certification: Chartered Financial Analyst"
---

[![City Different Investments](https://blog.citydifferentinvestments.com/hubfs/raw_assets/public/City_Different_Investments_September2021/images/CDI-Logo.svg "City Different Investments")](https://citydifferentinvestments.com/)

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                  - [Short-Term](https://citydifferentinvestments.com/strategies/fixed-income/short-term-municipal-bond/)
                  - [Limited-Term](https://citydifferentinvestments.com/strategies/fixed-income/limited-taxable/)
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          - [Tear Sheet](https://citydifferentinvestments.com/wp-content/uploads/2026/03/CDI-Tear-Sheet-2026-1.pdf)
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![Rob MacDonald](https://blog.citydifferentinvestments.com/hs-fs/hubfs/Rob-MacDonald-crop.png?width=200&name=Rob-MacDonald-crop.png)

[people](https://citydifferentinvestments.com/people/) / Rob MacDonald

## Rob MacDonald

Professional Roles: Thornburg Investment Management, Putnam Investments Education: MBA, The University of Chicago Booth School of Business Education: BA, Economics, Computer Science, Amherst College Certification: Chartered Financial Analyst

- <https://www.linkedin.com/in/rob-macdonald-5284671/>

##### FEATURED POSTS

[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20Copy%20of%20AI%20bubble.png)](https://blog.citydifferentinvestments.com/the-avalanche-theory-of-investing)

 September 24, 2026 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [About the Firm](https://blog.citydifferentinvestments.com/tag/about-the-firm)

## [The Avalanche Theory of Investing](https://blog.citydifferentinvestments.com/the-avalanche-theory-of-investing)

[Rolf Kelly](https://blog.citydifferentinvestments.com/author/rolf-kelly)

There's a particular thing the mountains teach you if you spend enough time in them: You can't outrun an avalanche from inside one. The work is in not being on the slope when one comes down. After a...

[Read](https://blog.citydifferentinvestments.com/the-avalanche-theory-of-investing)

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20AI%20bubble%20(2).png)](https://blog.citydifferentinvestments.com/diversifying-away-from-ai)

 September 15, 2026 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [About the Firm](https://blog.citydifferentinvestments.com/tag/about-the-firm)

## [Diversifying Away From AI](https://blog.citydifferentinvestments.com/diversifying-away-from-ai)

![ Connor Browne](https://blog.citydifferentinvestments.com/hubfs/Connor-Browne-crop.png) 

[Connor Browne](https://blog.citydifferentinvestments.com/author/connor-browne)

When someone starts to worry that AI valuations have run too far, the instinct is to ask whether now is the time to get out. I understand that instinct, and it’s not a bad one. The issue we’re...

[Read](https://blog.citydifferentinvestments.com/diversifying-away-from-ai)

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20Copy%20of%20Copy%20of%20Postcard%20from%20china.png)](https://blog.citydifferentinvestments.com/time-to-panic-about-bonds)

 September 08, 2026 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Investment Strategies](https://blog.citydifferentinvestments.com/tag/investment-strategies), [Fixed Income](https://blog.citydifferentinvestments.com/tag/fixed-income)

## [Time to Panic about Bonds?](https://blog.citydifferentinvestments.com/time-to-panic-about-bonds)

![ Chris Ryon and Sweta Singh](https://blog.citydifferentinvestments.com/hubfs/Screenshot%202024-04-10%20at%209.47.57%20PM.png) 

[Chris Ryon and Sweta Singh](https://blog.citydifferentinvestments.com/author/chris-ryon-and-sweta-singh)

The financial press has found its story du jour: “The Death of the Safe Haven: How to Fix Your Bond Strategy as Yields Rise.” Nothing sells quite like fear (even though bond yields are indeed scary...

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20pulling%20in%20the%20sails.png)](https://blog.citydifferentinvestments.com/ranking-my-children)

 August 03, 2026 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [Ranking My Children](https://blog.citydifferentinvestments.com/ranking-my-children)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Remember picking teams in gym class? It was a brutal ritual with a predictable mix of embarrassment and hurt feelings that we rightfully left in the past. We generally try to avoid ranking human...

[Read](https://blog.citydifferentinvestments.com/ranking-my-children)

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20IHS%20Towers%20(2).png)](https://blog.citydifferentinvestments.com/first-level-thinking)

 May 07, 2026 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [First-Level Thinking](https://blog.citydifferentinvestments.com/first-level-thinking)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Howard Marks has a great investing concept called “second-level thinking.” It’s the idea that superior results come not from knowing what everyone else knows, but rather from seeing things...

[Read](https://blog.citydifferentinvestments.com/first-level-thinking)

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20IHS%20Towers%20(2).png)](https://blog.citydifferentinvestments.com/the-morning-jerry-investor)

 February 09, 2026 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [The Morning Jerry Investor](https://blog.citydifferentinvestments.com/the-morning-jerry-investor)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

One of my favorite Seinfeld standup routines compared “Morning Jerry” or “Nighttime Jerry.” Well-rested Morning Jerry was rational and responsible; he made decisions that benefitted himself in the...

[Read](https://blog.citydifferentinvestments.com/the-morning-jerry-investor)

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[![](https://blog.citydifferentinvestments.com/hubfs/One%20Portfolio%20or%20Two.png)](https://blog.citydifferentinvestments.com/one-portfolio-or-two)

 December 01, 2025 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [One Portfolio or Two?](https://blog.citydifferentinvestments.com/one-portfolio-or-two)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Why We Believe SMID Cap Core Can Beat Separate Small & Mid Allocations Many investors instinctively split their equity sleeve into a “small-cap fund” and a “mid-cap fund,” assuming that...

[Read](https://blog.citydifferentinvestments.com/one-portfolio-or-two)

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[![](https://blog.citydifferentinvestments.com/hubfs/Popping%20Tags%20(1).png)](https://blog.citydifferentinvestments.com/popping-tags)

 November 05, 2025 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [Popping Tags](https://blog.citydifferentinvestments.com/popping-tags)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

At dinner the other night, my youngest daughter asked what I actually do all day in my office. I work from home pretty often, so from her perspective, I just disappear behind a closed door for hours...

[Read](https://blog.citydifferentinvestments.com/popping-tags)

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[![](https://blog.citydifferentinvestments.com/hubfs/hug%20an%20economisty%20(1).png)](https://blog.citydifferentinvestments.com/hug-an-economist)

 July 25, 2025 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [Hug an Economist](https://blog.citydifferentinvestments.com/hug-an-economist)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Connor and I both majored in economics. We spent four years steeped in macro theory, poring over models of trade, labor, and monetary policy. Since then, we’ve found… let’s say, limited use for most...

[Read](https://blog.citydifferentinvestments.com/hug-an-economist)

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[![](https://blog.citydifferentinvestments.com/hubfs/loving%20the%20binary%20(2).png)](https://blog.citydifferentinvestments.com/binary-outcomes)

 April 04, 2025 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [Learning to Love Binary Outcomes](https://blog.citydifferentinvestments.com/binary-outcomes)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Around age 40, my annual checkup started including additional tests. These tests are meant to keep me healthy, but they also have the ancillary effect of stressing me out while I await the results....

[Read](https://blog.citydifferentinvestments.com/binary-outcomes)

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20Muni%20Bond%20Threat.png)](https://blog.citydifferentinvestments.com/the-last-ten-percent)

 January 13, 2025 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Active Management](https://blog.citydifferentinvestments.com/tag/active-management)

## [The Last 10%](https://blog.citydifferentinvestments.com/the-last-ten-percent)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

9/10 is an exceptional mark in almost all applications. If a restaurant has a 9/10 on Yelp or Foursquare (yes, Foursquare is still an excellent restaurant rating app), it means the restaurant is...

[Read](https://blog.citydifferentinvestments.com/the-last-ten-percent)

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20Copy%20of%20T+1%20(1).png)](https://blog.citydifferentinvestments.com/walk-in-the-park)

 June 28, 2024 |

[Featured](https://blog.citydifferentinvestments.com/tag/featured), [Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Informed Investor](https://blog.citydifferentinvestments.com/tag/informed-investor)

## [Long Term Investing—A Walk in the Park](https://blog.citydifferentinvestments.com/walk-in-the-park)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

There’s a great metaphor that describes in pretty perfect detail how you should think about investing. It comes from Ralph Wanger, a legendary investor (as quoted in The Four Pillars of Investing):...

[Read](https://blog.citydifferentinvestments.com/walk-in-the-park)

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[![](https://blog.citydifferentinvestments.com/hubfs/beer%20league%20hockey%20(5).png)](https://blog.citydifferentinvestments.com/beer-league-hockey)

 January 09, 2024 |

[Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Investment Strategies](https://blog.citydifferentinvestments.com/tag/investment-strategies), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity), [Informed Investor](https://blog.citydifferentinvestments.com/tag/informed-investor)

## [Investing Tips from Beer-League Hockey](https://blog.citydifferentinvestments.com/beer-league-hockey)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Investing can be demanding. It can require some serious brain power… but more importantly, it’s a battle within yourself. It doesn’t matter how smart you are if you’re too emotional or too biased to...

[Read](https://blog.citydifferentinvestments.com/beer-league-hockey)

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[![](https://blog.citydifferentinvestments.com/hubfs/Copy%20of%20Blog%20image%20(12).png)](https://blog.citydifferentinvestments.com/grippy-mountain-bike-shoes)

 July 20, 2023 |

[Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Investment Strategies](https://blog.citydifferentinvestments.com/tag/investment-strategies), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity)

## [Grippy Mountain Bike Shoes](https://blog.citydifferentinvestments.com/grippy-mountain-bike-shoes)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Like many people during the pandemic, I decided to pick up a new hobby. With basically everything shut down, and the outdoors being one of the only relatively safe spaces available to us, my quest...

[Read](https://blog.citydifferentinvestments.com/grippy-mountain-bike-shoes)

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[![](https://blog.citydifferentinvestments.com/hubfs/Fixed%20Income%20Week%20And%20Review%20(15).png)](https://blog.citydifferentinvestments.com/wisdom-of-crowds)

 April 06, 2023 |

[Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Investment Strategies](https://blog.citydifferentinvestments.com/tag/investment-strategies), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity)

## [The Wisdom of Crowds](https://blog.citydifferentinvestments.com/wisdom-of-crowds)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Our investment philosophy follows a fundamental belief — the stock market functions much like the classic jelly-bean-counting experiment. That might sound strange, but hear me out:

[Read](https://blog.citydifferentinvestments.com/wisdom-of-crowds)

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[![](https://blog.citydifferentinvestments.com/hubfs/Long%20Term%20Investing%E2%80%94Lessons%20from%20a%20helicopter%20parent%20(1).png)](https://blog.citydifferentinvestments.com/long-term-investing)

 January 12, 2023 |

[Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [Investment Strategies](https://blog.citydifferentinvestments.com/tag/investment-strategies), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity)

## [Lessons From A Helicopter Parent](https://blog.citydifferentinvestments.com/long-term-investing)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

Shrewd investors often start out with long-term financial plans designed to meet their future needs — things like saving for college, retirement, etc. But sticking with the long-term plan becomes...

[Read](https://blog.citydifferentinvestments.com/long-term-investing)

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[![](https://blog.citydifferentinvestments.com/hubfs/thumbnail_our%20Investment%20Strategy%20Equity%20Edition.png)](https://blog.citydifferentinvestments.com/maintaining-balance-in-your-equity-portfolio)

 August 01, 2022 |

[Market Insights](https://blog.citydifferentinvestments.com/tag/market-insights), [About the Firm](https://blog.citydifferentinvestments.com/tag/about-the-firm), [Inflation](https://blog.citydifferentinvestments.com/tag/inflation), [Market Forecast](https://blog.citydifferentinvestments.com/tag/market-forecast), [Investment Strategies](https://blog.citydifferentinvestments.com/tag/investment-strategies), [Invest Different](https://blog.citydifferentinvestments.com/tag/invest-different), [Domestic Equity](https://blog.citydifferentinvestments.com/tag/domestic-equity)

## [Maintaining Balance In Your Equity Portfolio](https://blog.citydifferentinvestments.com/maintaining-balance-in-your-equity-portfolio)

![ Rob MacDonald](https://blog.citydifferentinvestments.com/hubfs/Rob-MacDonald-crop.png) 

[Rob MacDonald](https://blog.citydifferentinvestments.com/author/rob-macdonald)

One of the things that makes City Different Investments, well, different is our principled investment approach. We are doing a series of articles looking at the three tenets of our equity investment...

[Read](https://blog.citydifferentinvestments.com/maintaining-balance-in-your-equity-portfolio)

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